Annual Report of the Treasury Historical Association Double Issue 2018

ANNUAL REPORT

OF THE

TREASURY HISTORICAL ASSOCIATION

DOUBLE ISSUE

2018 – 2019

The Treasury Historical Association

Established December 13, 1973

Purpose: To assist the Department of the Treasury by fostering education on the history of this department and its current and past constituent bureaus and by promoting and assisting in the historic preservation of Treasury properties, especially the National Historic Landmark Treasury Building next to the White House.

Incorporation: THA is chartered and incorporated under the laws of the District of Columbia, and is categorized under Section 501(c)(3) of the Internal Revenue Code as a nonprofit organization.

Membership Categories: There are currently four categories of contributing membership: General, $20 per year or $50 for three years; Supporting, $60 per year; Patron, $120 per year; and, Life Donor, $1,500 or more, one time, or through a time payment within a year. Soon to be added in 2020 are two new membership categories: Student, $10 per year (limited to four consecutive years) and Eagle Society, $5,000 or more one-time payment. All membership contributions are tax-deductible for Federal income tax reporting, to the extent permitted by law.

Benefits of Membership: All members receive advance notice of educational tours and lectures, publications issued periodically, volunteer opportunities, and periodic discounts on THA commemorative products. Members who contribute at the Supporting level and above receive a special THA appreciation gift. Members who contribute at the Patron level and above receive special recognition in THA’s Annual Reports. Life Donor and Eagle Society members’ names are engraved on an appreciation plaque that is on display in a prominent location inside the historic Treasury Building in Washington, D.C.

For Further Information: To learn more about the Treasury Historical Association, please contact THA by any of the following methods:

By U.S Mail: Treasury Historical Association P.O. Box 28118 Washington, DC 20038-8118

By e-mail: [email protected]

By telephone: (202) 681-9779

On website: treasuryhistoricalassn.org

TREASURY HISTORICAL ASSOCIATION

Preserving the History of the U.S. Treasury

December 31, 2019

Dear Member of THA,

This double issue Annual Report of the Treasury Historical Association (THA) documents our efforts and activities to continue our support to the Department of the Treasury’s historic preservation projects and to enhance education on the history of this department during 2018 and 2019.

During this time, we started preparing a strategy for our next development campaign that will assist Treasury in the above-cited areas. Working with the Department, we identified seven high priority and high interest restoration projects in the Treasury Building and seven education projects, including THA’s planned one-hour documentary on the history of the Treasury Building and some of the important events that occurred within it that affect America’s economy.

As a nonprofit organization with no paid employees, we depend completely on the generosity of our volunteers who devote extensive time to manage the Association and you, our members and other donors who provide contributions that enable us to continue our mission to assist the Department of the Treasury. Thank you for your generosity. Significant contribution of both volunteer time and funding has permitted THA to continue its mission into what is now our 47th year of operation. And, I want to express my great appreciation to the directors who have spent a great number of hours throughout the past two years in managing the operations of the Association.

We appreciate your support in the past, and we hope we can continue to count on your generosity in future years, as we continue our two-fold missions of historic preservation and education.

Sincerely,

Thomas P. O'Malley Chairman, Board of Directors

Post Office Box 28118 Washington, DC 20038-8118 202-681-9779 / www.treasuryhistoricalassn.org

Summary Financial Report

2018

Opening Balance, January 1 $ 78,579

Receipts Dues $ 11,800 Donations - General $ 1,066 Sales - Commemorative Products (all items) $ 12,641 Sales - Treasury Building History Books $ 1,717 Donations – Development – Phase II Development $ 8,690 Interest (all accounts) $ 2,208 Other $ 24

Total Receipts $ 38,146*

Sub-Total $116,725*

Disbursements Postage $ 1,288 Administrative, Printing and Supplies $ 2,806 THA Events $ 3,181 Audit/Tax Services $ 975 Alexander Hamilton Ornament Production $ 5,032 Purchase of Historic Items $ 25 Contractor Services $ 26,595 Gifts to the Department of the Treasury $ 2,583 Phase II Development Campaign Expenses $ 993 Recognition/Appreciation Gifts $ 162

Total Disbursements $ 43,640*

Closing Balance, December 31 $ 73,085*

Note: * All amounts have been rounded. Therefore, totals might vary from actual sum of categories.

THA’s accounting records for 2018 and 2019 were reviewed by the independent Certified Public Accounting firm of Burdette, Bish and Smith, located in Fairfax, Virginia. After examining the records of the Treasury Historical Association in conformance with generally accepted auditing standards, the CPA firm prepared a report on the financial statements. THA’s latest such report is posted on the Association’s website.

Summary Financial Report

2019

At the beginning of calendar year 2019, the Treasury Historical Association revised its method of recording expenses in its financial records. All expenses relating to a particular activity were attributed to the specific committee or program, so that the assigned committee chair or program manager would have more accurate financial data related to his or her area of responsibility. Thus, the disbursement categories listed below vary from those presented for 2018 and earlier years.

Opening Balance, January 1 $ 73,085

Receipts Dues $ 18,720 Donations - General $ 315 Sales - Commemorative Products (all items) $ 9,236 Sales - Treasury Building History Books $ 5,165 Donations – Development – Phase II Development $ 40,687 Interest (all accounts) $ 1,690 Other miscellaneous receipts $ 386

Total Receipts $ 76,199*

Sub-Total $149,284*

Disbursements Development Committee – Phase II Campaign ** $ 98,731 Lecture Program ** $ 2,465 Membership Committee ** $ 2,403 Product Sales Program ** $ 348 Academic Paper – Outreach Program ** $ 480 General and Administrative *** $ 26,595

Total Disbursements $113,688*

Closing Balance, December 31 $ 35,596*

Notes: * All amounts have been rounded. Therefore, totals might vary from actual sum of categories. ** Committee and program expenses include related postage, database management and all other support *** General and Administrative includes the expenses of CPA services, telephone service, web hosting, general purpose postage, post office box rental, etc.

2018-2019 THA Board of Directors

Gerald E. Auten, Ph.D. Ex Officio Members of the Board Senior Research Economist, Office of Tax Policy Departmental Offices (DO) Current Secretary of the Treasury

Steven T. Mnuchin Michael T. Caires, Ph. D.

Relationship Manger, S&P Global All Living Former Secretaries of the Treasury

Cora P. Beebe Fosdick James A. Baker, III Former Assistant Secretary (Administration), DO W. Michael Blumenthal Nicholas F. Brady Abby L. Gilbert Timothy F. Geithner Research Specialist, United States Mint Jacob J. Lew Paul H. O’Neill Gary Grippo Henry M. Paulson, Jr. Deputy Assistant Secretary for Robert E. Rubin Government Financial Policy, DO George P. Shultz John W. Snow Deval Mehta, PMP, CSSIP Lawrence H. Summers Senior Lead Technologist, Booz Allen Hamilton THA Officers

Louis A. Margaglione Chairman Thomas P. O’Malley Senior Vice President, Commercial Banking President Deval Mehta, PMP, CSSIP BMO Harris Bank, N.A. First Vice President Michael T. Caires, Ph. D. Second Vice President Franklin Noll, Ph. D. David J. Monroe Secretary Lori Santamorena Retired Director, Office of Fiscal Projections, DO Treasurer David J. Monroe

Franklin Noll, Ph. D. Committee and Program Managers Historian-Consultant to the Bureau of Engraving and Printing Academic Outreach Michael T. Caires, Ph.D. Capital Development Louis A. Margaglione Thomas P. O’Malley Finance David J. Monroe Retired Director, Noontime Lecture Series Franklin Noll, Ph. D. and Management Programs Directorate, DO Andrew F. Young History Book and Lori Santamorena Legacy Ornament Sales Thomas P. O’Malley Executive Director, Membership Cora P. Beebe Fosdick Government Security Regulations, Treasury Building The Fiscal Service Ornament Sales Gary Grippo Newsletter Gerald E. Auten, Ph.D. George P. Sigalos, J.D. Oral Histories Abby L. Gilbert Former Public Affairs Advisor Website Management Deval Mehta, PMP, CSSIP Office of Public Affairs, DO Incorporators Alan J. Wilensky, J.D. (2018) Former Deputy Assistant Secretary (Tax Policy), DO Edward C. Schmults John K. Carlock Jeffrey P. Wishneski, J.D. Robert R. Fredlund VFW – VA Board of Veterans’ Appeals

Andrew F. Young Librarian (Lead), Office of Management, DO

2018-2019 Membership

Life Donors Life Sponsors Anonymous Michael J. Maloney Myles J. Ambrose (deceased) Donald C. Alexander (deceased) J. Cecelia Masters (deceased) Barbara M. Angus Nelson Page Aspen, MD (deceased) Erika Mathis Helen G. Bayer (deceased) Gerald Auten Laura L. McAuliffe Mr. and Mrs. Jack Bennett (deceased) James A. Baker III G. William Miller (deceased) Marilyn E. Brookens Romana Acosta Banuelos (deceased) Mary J. Miller Commissioners of Internal Revenue Jane E. Bardon Dave and Ruth Monroe Cora P. Beebe Fosdick Cynthia G. Beerbower (deceased) Carl L. Moravitz Richard A. Gordon Peter A. Bieger National Collector’s Mint, Inc. Edward W. Herman Mr. and Mrs. Allen Morris Bissell Franklin Noll C. Eric Larson W. Michael Blumenthal Clifford R. Northup (deceased) Kurt Schuler Henry H. Booth Judith S. Ochs Mr. and Mrs. Nicholas F. Brady Thomas P. O’Malley Patron Members Edward W. Brooks Paul H. O’Neill Richard R. Albrecht Theresa Cabeceiras Marcus W. Page Joan Arnold Richard S. Carro Henry M. Paulson Patricia Belknap John E. Chapoton Kenneth J. Phelan Peter A. Bieger Edwin S. Cohen (deceased) Charles H. Powers (deceased) John E. Bowman - in memory of Nathan Gordon Randal Quarles and Hope Eccles Richard Carro Jon Andrew Cohen M. Elaine Rand Randall DeValk Dorothy Roper Daly Donald T. Regan (deceased) Sean Flynn Kenneth and Marcia Dam Paul Rich John (Tripp) Foley C. Douglas Dillon (deceased) John F. W. Rogers Barbara E. Holloway The Dillon Fund Brian C. Roseboro Gerry Hughes Martin J. Dolan, III, MD Kieu Rubb Edward S. Knight - in memory of “Mysterious Mike” Malone Mr. and Mrs. Robert E. Rubin Martha R. Lanigan F.P. Dominguez Richard E. Rudisill, III (deceased) Pamela Lew Mary L. Edwards Mr. and Mrs. Ray Samuelson Louis Margaglione Paul W. Eggers (deceased) - in memory of Philip Freiman Timothy Massad Carter M. Evans Lori Santamorena Selig Merber Anne M. Faiella Catherine R. Schmader Richard J. Morgante Michael Faiella Edward C. Schmults Maryann Murphy Larry R. Felix Rory D. Schultz John A. Murray Patricia Ann Fisher Michael D. Serlin (deceased) Edmund Outslay John F. Flood, Jr. Roma J. Sexson Sara Paulson Eleanor Johnston Ford (deceased) George P. Shultz Ralph Rector Henrietta Holsman Fore William E. Simon (deceased) William E. Schurech Henry H. Fowler (deceased) John W. Snow Raymond H. Sherrard Robert R. Fredlund (deceased) John W. Snyder (deceased) David A. Stitely Timothy F. Geithner Kenneth P. Stack Edwin M. Truman Abby L. Gilbert Robert K. Steel Mary Ellen Stroupe Betty C. Gilbert (deceased) C. Eugene Steuerle D. Edward Wilson Matthew P. Goodman Krishna Vallabhaneni Jeff and Sonia Wishneski Gary Grippo John Vogt Debbie Witchey Grunley Construction Company, Inc. Paul A. Volcker (deceased) Categories of Members: 2018 2019 Dawn R. Haley Dr. and Mrs. Charls Walker Life Donor * 98 103 Douglas Hamilton John L. Wedick, Jr. Life Sponsor * 11 11 Clark W. Hart Gregory P. Wilson Patron 21 24 Healey Family Foundation Mary Ellen Withrow Supporting 34 37 Thomas and Margaret Healey Roy A. Wyscarver General 156 151 Judith F. Hernstadt Van Zeck Ex Officio (not included in total 2 2 J. French Hill Total 320 326 Jacob J. Lew and Ruth Schwartz The listing on this page was compiled Richard Krahn from records available at publication . * Includes deceased Life Donors/Sponsors M. Rita Lynch (deceased) time. We apologize if there are any whose generous support is forever appreciated. Dawn M. Maknys inadvertent errors or omissions.

Phase II Development Campaign

During 2018 and 2019, THA’s Development Committee, The Development Committee hosted a campaign introduce- with help from the Carter Consulting Group, made great tory event on September 17, 2019, to provide a preview of headways in developing a strategy and procedures for a the campaign to invited guests who included former and successor campaign to the Capital Development Campaign current senior officials of Treasury, Life Donor members of (CDC) that ran from 2007 to 2017. This earlier campaign THA and others who had expressed an interest in this THA was THA’s first long-term and largest fundraising program initiative. While not an event to solicit donations, it served to date and it yielded over one-third of a million dollars in well in providing information on what is to come in the generous donations from THA members and others. future, as THA initiates its largest effort to assist Treasury through the Association’s missions of historic preservation The earlier CDC efforts included 14 major restoration and of the Treasury Building and education on Treasury history. preservation projects in and around the Treasury Building. The two most significant CDC gifts to the Treasury Depart- ment were funding in the amount of $150,000 towards the Alexander Hamilton Ornament West wing staircase and railing restoration and $100,000 towards an endowment fund to care for Treasury’s priceless In 2018, THA developed another commemorative ornament, collection of antique furniture and fine artworks, this one to honor Alexander Hamilton, Treasury’s first secretary. Using the statue of The follow-on Phase II Development Campaign is titled Hamilton at the South plaza “Campaign for Alexander Hamilton’s Treasury.” It also of the Treasury Building, covers 14 projects that are are categorized into five major with the building’s archi- areas: the full production of THA’s educational documentary tectural features in the film (visit www.vimeo.com/264102677 to view the trailer), background, the ornament Treasury Building South Wing restoration projects, educa- was completed in a mix tional initiatives that include the noontime lecture program metal décor. Only a limited and digitization of historic Treasury documents, scholarly number were produced, research (both physical analysis of the Treasury Building purchased primarily by and academic paper development), and exhibitions and Treasury employees who publications including a history book on the Treasury Annex work in the Treasury Building. Building (Freedman’s Bank Building) and exhibits on Treasury law enforcement activities and WPA art program. Gift to the Treasury Department

The Development Committee shared with former Secretaries During the two year period covered by this report, THA of the Treasury (who have agreed to serve as Sponsors of provided only one gift to the Department, since the Asso- THA’s development campaign) the tentative plans and draft ciation was between phases of its development campaign documents relating to the campaign efforts to gain their efforts. For a number of years, both the Treasury Curator reaction and input to the final campaign materials to be used and THA had petitioned the former Corcoran Gallery of Art, in the public fundraising effort. Supporting and advising on which was being disestablished, seeking the transfer of an the campaign is a Counselor Group, consisting of the follow- original portrait of Andrew Johnson, the 17th President of the ing who have graciously agreed to provide assistance: United States. ● Charles A. Bowsher, former Comptroller General of the United States Since President Johnson occupied a room in the Treasury ● Cora Beebe Fosdick, former Assistant Secretary for Building immediately following the assassination of Administration and a member of THA’s Board Abraham Lincoln, it seemed highly desirable for the Depart- ● Neil C. Folger, Executive Vice President of Folger ment to request the portrait for display in the Andrew Nolan Fleming Douglas Capital Management, Inc. Johnson suite. After a lengthy period of time that was ● Joseph M. Guttentag, retired International Tax Counsel required for the distribution of the fine art collection of the and Deputy Assistant Secretary for International Affairs Corcoran, the sought-after portrait was finally given to the ● Laura L. McAuliffe, retired Senior Advisor to the Department. Comptroller of the Currency and past THA Treasurer ● Samuel T. Mok, former CFO/Comptroller of the THA assisted by funding the purchase of a late 19th century Treasury Department and former Labor Department CFO gilded frame, and its restoration, to hold the Johnson portrait ● D. Edward Wilson, Jr., former Deputy General Counsel for permanent display in the Treasury Building. ● Mary Ellen Withrow, former United States Treasurer THA is very privileged to have the support and guidance from these experienced and well-respected individuals.

THA’s Educational Lecture Series

During 2018 and 2019, THA sponsored eleven noontime Treasury During the Great Depression: Challenges and educational lectures for its members and their guests. The Innovations by Lee Lofthus. presentations covered a wide range of topics as part of THA’s mission of promoting education on the Treasury Mr. Lofthus, a numismatic author and researcher, Department, its constituent bureaus and related subjects. presented Treasury’s dramatic currency innovations Below is a synopsis of the eleven lectures conducted: during the depression Alexander Hamilton: Merchant in the West Indies by years, high- Michael Newton, author of Alexander Hamilton: the lighting Formative Years. several of the influential Mr. Newton is a recognized ‘National Hamilton Treasury Scholar,’ the chief historian of the proposed Alexander officials who Hamilton & Caribbean History Museum in St. Croix, were behind and the discoverer of the oldest known Hamilton the sweeping documents. In his talk at Treasury, he described changes in the nation’s paper money issues of the time. Hamilton and his work as a clerk for a growing He described the actions from the withdrawal of gold mercantile company and at one point managing the certificates and national banknotes from circulation to entire firm as a very young man. The skills and the creation of new silver certificates and emergency relationships that Hamilton acquired during this most Federal Reserve banknotes, the Depression years and useful part of his education would be employed with Treasury’s swift and bold changes to the nation’s cur- great success as he helped shape the new nation (May rency. (October 10, 2018) 16, 2018)

The Rescue Board: Treasury’s Efforts to Save Jews Dur- Albert Gallatin and a Nation Free from Debt by Gregory ing the Holocaust, presented by Rebecca Erbelding, Ph.D., May.

Introductory remarks were given by Treasury Under Mr. May is a corporate tax lawyer who has spent the Secretary Sigal P. Manderker. Dr. Erbelding has five years since his retirement from private law practice worked as a historian, curator, and archivist at the writing an extensive new biography of Albert Gallatin. United States Holocaust Memorial Museum for fifteen He provided excerpts from his recent book Jefferson’s years and served as a historian for the Museum's newest Treasure, relating the service of Gallatin, Congressman, exhibition, Americans and the Holocaust. Her latest diplomat and the fourth and longest-term Secretary of book is Rescue Board: The Untold Story of America’s the Treasury. He related how Gallatin and the Jeffer- Efforts to Save the Jews of Europe. At the THA event, sonian Republicans dismantled Hamilton’s fiscal system she discussed how in January 1944 Treasury Depart- and how Gallatin’s fiscal reforms changed American ment staff convinced Franklin D. Roosevelt to establish politics. (December 18, 2018) this new agency designed to rescue and provide relief for the Jews persecuted by Nazi Germany. By the end Stolen Sugar, Smuggled Herring and Other Lessons in of World War II, the Board had recruited international Corruption from the Gilded Age Treasury by David relief workers, diplomats, spies and bureaucrats to save Singerman, Ph.D. thousands of lives. (June 10, 2018) Dr. Singerman is a historian of science, technology, The Long Shadow of Default: Britain’s Unpaid War Debts labor, and the environment. He is a founding member to America, 1917-2018 by David Gill, Ph.D. of the Corruption Lab on Ethics, Accountability, and the Rule of Law and is currently writing a book about the Dr. Gill is an Associate Professor in the School of Poli- American sugar empire in the Caribbean and the Pacific tics and International Relations, University of Notting- in the late 19th and early 20th centuries. As the winner ham and a Research Associate at the Centre for Finan- of THA’s 1500 Penn Prize for outstanding academic cial History at Cambridge University. He has written in research papers, Dr. Singerman discussed issues on leading academic outlets, including the Economic what actions are corrupt, where does corruption happen, History Review and Foreign Affairs magazine. His talk who is corrupt and who isn’t and who gets to decide. described the result of the British Government stopping These were all very important questions in the late 19th the repay-ments to the United States the substantial century, which was the most notoriously corrupt era in loans during and after World War I, leaving debts of American history. (February 6, 2019) $4.27 billion. (August 1, 2018)

Swindled! Horse Trades, High Finance and Ulysses S. In addition to its eleven lectures during 2018 and 2019, THA Grant by Elizabeth D. Samet, Ph.D., a professor of was privileged to co-host with the Office of the Assistant English at the U.S. Military Academy at West Point Secretary for Management a special event on March 9, 2018, who recently published her edition of The Annotated at which a very significant historical document was donated Memoirs of Ulysses S. Grant. In her talk, she explored to the Treasury Department and accepted by Secretary Grant’s various business dealings, from a youthful horse Steven T. Mnuchin. trader through the series of moneymaking activities he devised to supplement his army pay in the Pacific The National Collector’s Mint, a private corporation that Northwest to his disastrous late-life partnership with a specializes in bringing attention to America’s history, swindler, Ferdinand Ward. (March 20, 2019) donated to Treasury an original signed letter from the 24th Secretary of the Treasury John Adams Dix to an officer of Alexander Hamilton and the Development of Treasury’s Revenue Cutter Service, just months before the American Law by Kate Elizabeth Brown, Ph.D., an outbreak of the U.S. Civil War. assistant professor of history at Western Kentucky John Dix was Secretary of the Treasury from January 15 to University who specializes in American legal and March 6, 1861, just a few months before the attack on Fort constitutional history, the early republic and early Sumter. Appointed by President James Buchanan, he served modern English legal for only two days under President Lincoln’s administration history. Her 2017 book of before being replaced by Salmon P. Chase. Secretary Dix this same title was the recognized that there was significant and dangerous unrest in basis of her talk, exploring the Southern states. Two weeks after his appointment, he how Hamilton, one of the ordered the Treasury revenue cutter McClelland, under the early republic’s most command of a Captain Breshwood to set sail immediately celebrated and successful from New Orleans to safe haven in New York’s harbor. lawyers, influenced the After learning that his order had not been obeyed, Secretary substance of American law Dix wrote a scathing letter to be sent by telegraph to a in its formative period. She revealed Hamilton’s legal representative of the Maritime Cutter Service, providing an legacy, including his shaping of due process rights. undoubtedly unexpected strong mandate: (June 26, 2019) “Tell Lieut. Caldwell to arrest Capt. Breshwood, Just before Bretton Woods: the Atlantic City Financial assume command of the cutter and obey the order I Conference, June 1944, by Kurt Schuler who is an gave through you. If Capt. Breshwood after arrest economist in Treasury’s Office of International Affairs. undertakes to interfere with the command of the cutter, In his talk, he explored the 1944 conference in Atlantic tell Lieut. Caldwell to consider him as a mutineer and City, NJ, that preceded the Bretton Woods conference treat him accordingly. If anyone attempts to haul down and the important role of the Treasury Department the American Flag, shoot him on the spot.” which hosted the conference and provided intellectual The letter’s harsh wording became a legendary reference to leadership for it. (July 17, 2019) Secretary Dix’s very brief term of office and is noted in the

Treasury Department’s descriptive Complications for the United States from Interna- tional Credits, 1913-1940 by George Hall, Ph.D., a text accompanying his portrait on display in the Treasury Building: professor in Economics at Brandeis University, with research focus on the history of U.S. fiscal policy and Entering office during a financial firm-level inventory and pricing behavior. He spoke panic, he quickly obtained the about the Treasury borrowing $23 billion from U.S. much needed loans from banks citizens after the United States entered the war in April and the American people that his 1917 and lending $12 billion to 20 foreign nations – predecessor had failed to secure. such loans becoming foreign subsidies by the early He won further confidence in the 1930s. (September 11, 2019) North by dispatching a message to a Treasury Customs official in Reminiscences of My Time at Treasury: An Olympic New Orleans to take possession of a Treasury Department Experience by the 40th Treasurer of the United States revenue cutter there. "If anyone attempts to haul down the Angela Marie (Bay) Buchanan, who described her role American flag," he ordered, "shoot him on the spot." Dix going beyond the norm for this Treasury position by was in office less than three months, resigning at the end of having responsibility for managing the program for Buchanan's presidency. Buchanan's successor, President marketing commemorative coins for the 1984 Olympics Lincoln, rewarded his performance as Secretary with the to be held in Los Angeles. (November 13, 2019) commission of Major General in charge of Alexandria and Arlington, Virginia during the Civil War

Board of Directors Meetings, 2018

February 21, 2018 April 18, 2018

In attendance at this meeting were Ms. Gilbert and Messrs. Attending this meeting were Ms. Gilbert and Messrs. Auten, Auten, Mehta, Monroe, O’Malley and Wishneski. Joining Margaglione and O’Malley. Joining by telephone were Mss. by telephone were Mss. Fosdick and Santamorena, as well Fosdick and Santamorena, as well as Messrs. Mehta, Sigalos as Messrs. Margaglione, Noll and Sigalos. Invited guest and Wilensky. Also in attendance was Treasury Curator Treasury Assistant Curator Guy Munsch was also present. Richard Cote, as a guest.

Mr. Caires briefed the Board on the inaugural 1500 Penn Mr. O’Malley apprised the Board that our long-time data- Prize program that has 10 submissions of academic papers base manager, Michele Robinson, was withdrawing her sup- that will compete for recognition. A panel of THA directors port to THA due to the duties of her regular career job; but, Auten, Caires and Noll will select the finalists whose papers she agreed to help THA phase over to a person whom she is will be judged by a panel of outside scholars. The winning recommending to the Association. applicant will present his or her paper at a future lecture. Mr. O’Malley also briefed the Board on the work that the Mr. Noll briefed the Board on future noontime lecture plans Carter Consulting Group (CCG) is performing to help the that include a talk by Michael Newton on the early life and Development Committee in planning for a future fundrais- experiences of Alexander Hamilton. ing effort. This work includes the development of campaign print materials which will be circulated to former Treasury Mr. O’Malley initiated a discussion on whether the THA Secretaries and other high-potential large donors, followed should engage a fundraising consultant to help develop its up by a dozen or more telephone interviews by CCG to approach for the next development campaign. THA has obtain their views and recommendations for improvements. done a lot of good work in past fundraising campaigns, but A summary report of confidential interviews will be present- none of the directors are professional experienced fund- ed to THA in the near future. raisers. Initial advice from Carter Consulting Group (CCG) was discussed with favorable reaction by all present. Mr. O’Malley also briefed the Board on actions to support THA Life Donor Member Martin Dolan, MD, in his efforts Mr. O’Malley also apprised the Board of a future event that to develop a nomination paper for the Presidential Medal of THA is co-sponsoring for the Department to accept the gift Freedom to be awarded posthumously to several Treasury of an original letter signed by Treasury Secretary John Intelligence Unit (now IRS’ Criminal Investigation) law Adams Dix in early 1861. THA has been instrumental in enforcement agents who served in the early twentieth cen- arranging this donation from the National Collector’s Mint. tury. One of these Treasury special agents was Dr. Dolan’s great uncle – Michael F. (“Mysterious Mike”) Malone – who Addendum of March 1, 2018: Mr. O’Malley, on behalf of worked undercover with a string of pseudonyms and in the Development Committee, requested Board approval to various posed worker positions for over 40 years. Special fund a subscription to a research database that will be help- agent Malone, working with agents Frank Wilson (who was ful in identifying high-probability contributors to THA’s later made Chief of the Secret Service) and A.P. Madden, next campaign. The motion was passed by majority vote. brought many of the “gangster” population to justice, including kingpin Al Capone, during the 1920s and 1930s.

Ms. Fosdick reported that current membership level is at 300 and that she is exploring ways to expand the base.

Mr. Auten confirmed that a noontime lecture has been scheduled for May 16 for Michael Newton’s presentation on the early life of Alexander Hamilton

Addendum of May 30, 2018: Mr. O’Malley requested Board approval to elect an additional member to THA’s Board of Directors – Andrew Young, lead librarian at the Treasury Library. This will bring the Board up to full Secretary Mnuchin, center, accepts gift of 1861 letter from strength of 15 directors. The motion was unanimously Secretary John Adams Dix, donated by the National Collector’s passed by the Board members. Mint (NCM), presented to the Treasury Department by former U.S. Treasurer Angela Marie (Bay) Buchanan, advisor to NCM’s Board, and NCM President Avram Freedberg.

June 19, 2018 August 15, 2018

Attending were Messrs. Auten, O’Malley, Wishneski and Present at the meeting were: Ms. Gilbert and, Messrs. Auten, Young. Joining by phone were Mss. Fosdick, Gilbert and Monroe, Noll, O’Malley, Wilensky and Young. Joining by Santamorena, as well as Messrs. Caires, Noll, Margaglione, telephone were Mss. Fosdick and Santamorena, as well as Mehta and Sigalos. Also, Treasury Curator Richard Cote Messrs. Caires, Margaglione and Sigalos. Julie Carter of attended as a guest of THA. Carter Consulting Group (CCG) also attended as a guest.

Ms. Julie Carter of Carter Consulting Group (CCG) briefed Mr. O’Malley introduced Ms. Carter who presented her key the Board on her confidential 18 telephone interviews with recommendations regarding THA’s development campaign former Treasury Secretaries and a number of other former (Campaign Planning Study Final Report). Her introductory Treasury officials and Life Donor members, without attribu- remarks noted this may be a pivotal moment for THA, par- tion of any suggestions or comments to a particular indi- ticularly related to how THA handles fundraising. Her vidual. A number of these individuals expressed a willing- report recommends two major goals: completing the historic ness to contribute to THA’s next campaign and some offered restoration of the Treasury Building, and developing a long to help spread the word among their professional circles. term education strategy.

Ms. Fosdick briefed the Board on her hope to survey several With respect to fundraising, the CCG report recommends a other historical associations in the Federal arena, and would focused campaign planning process, including a refresh to like to engage with others about membership strategies. The THA’s image and message. Establishing a financial goal of survey would include coverage of other historical organiza- $2.7 million over 3 years was recommended for building tion’s dues structures. Mr. O’Malley presented a motion to restoration, followed by the development of a plan to create gain Board approval of this project to conduct this survey. an educational strategy with the new film. The Board approved unanimously. Many former officials and employees interviewed were wil- Ms. Fosdick also apprised the Board of her earlier initiative ling to volunteer to support the campaign. Some challenges to seek business membership in THA, particularly from were noted, such as building access and audience expansion. among the neighborhood restaurants, stores and hotels. This Other campaign challenges were also covered, such as staff- effort was held in abeyance, pending development of CCG’s ing resources. campaign strategy for THA’s next campaign, which may or may not encompass businesses as potential donors. Board members were asked to review the report and send any comments to Mr. O’Malley who will forward them to Mr. Caires distributed his update on the Academic Outreach Ms. Carter. project in which academic papers have been received and are being evaluated for THA’s first 1500 Penn Prize. Addendum of August 28, 2018: Mr. O’Malley asked for Board approval to fund $2,500 as a gift to the Treasury Addendum of June 19, 2018: Mr. O’Malley asked for Department for completion of the Andrew Johnson portrait Board approval to proceed with the next sub-phase of the initiative. The amount is to be drawn from undesignated proposal submitted by CCG in its development of a strategy donation balance of the Capital Development Campaign that for THA’s next campaign. The motion was approved. began in 2007. The above amount is for the in-kind gift of a $1,200 period-style frame and funding of $1,300 for conser- vation services for the portrait. Both THA and the Treasury Curator petitioned the administrator of the former Corcoran Gallery to obtain this portrait for display in the restored Andrew Johnson Suite in the Treasury Building’s West wing. The motion was approved by majority vote.

Addendum of September 2, 2018: Mr. O’Malley asked for Board approval to purchase and market a commemorative ornament featuring the Alexander Hamilton statue that is at the South plaza of the Treasury Building. After some idea exchanges among the directors, a quantity of 500 units was the number that was suggested and this was approved by unanimous vote, at the cost to THA of $9.50 plus shipping expense from the factory. THA’s Phase II Campaign will focus on both restoration work in the Treasury Building and educational projects.

October 17, 2018 December 12, 2018

In attendance were Messrs. Auten, Mehta, O’Malley Sigalos Attending this meeting were Messrs. Auten, O’Malley and and Young. Joining by telephone were Mss. Fosdick and Young, joined by telephone by Ms. Santamorena and Santamorena, along with Messrs. Margaglione, Monroe and Messrs. Caires, Margaglione, Noll, Sigalos and Wishneski. Noll. Also, Guy Munsch, Assistant Treasury Curator, was Also in attendance as THA’s guest was Guy Munsch, present as THA’s guest. Assistant Treasury Curator.

Mr. O’Malley reported that the 500 Hamilton ornaments Mr. O’Malley reported, on behalf of Ms. Gilbert, that she were being produced and by November 1 would be shipped has completed the oral history of Dorothy Roper Daly and to his home for distribution. With early-marketing discount that she will provide it to Mr. Mehta for posting on THA’s pricing, he had received 20 orders thus far. website.

Ms. Fosdick described a new membership brochure and her Mr. Auten reported on his progress in the December THA efforts to reach out to bureau officials to ask them to include newsletter and noted that the Treasury Department Recrea- the brochure in their human resources in-boarding and exit- tion Association accounted for more than half of THA’s ing employee packages. sales of Fortress of Finance book this year.

Mr. O’Malley provided proof copies of a new collections Mr. O’Malley advised the Board that he was contacted by catalog that Treasury Curator Richard Cote had given him to the National Collector’s Mint, the donor that gave the distribute. The final should be ready in the next several Treasury Department the 1861 letter from Secretary John months. Adams Dix, with expressed interest in marketing for THA the Fortress of Finance book. However, although it would Mr. Margaglione described the Carter Consulting Group’s be published in the company’s catalog and website, THA strategy outline for THA’s next campaign. Discussed was would have to handle the shipment. The company wanted what THA would need to manage a fundraising campaign of the most favorable price THA has ever offered, but the the size noted in CCG’s recommendation and what THA fulfilment tasks would remain with THA. He advised that should look like post-fundraising campaign efforts, how further details will be provided at a later date. THA might build its membership numbers and whether THA should try to consider an off-site office location that Mr. O’Malley also briefed the Board on the planned educa- would be more accessible to visitors than the high security tional center that will be created by the Milken Institute in of the Secret Serviced-guarded Treasury Building. the two bank buildings across from Treasury’s North wing. He had the opportunity to participate in a briefing that Mr. Margaglione also briefed the Board on his meeting with Michael Milken and staff gave to Secretary Mnuchin and the U.S. Supreme Court Historical Association’s executive staff earlier in December. More details will follow. director, particularly to understand that organization’s structure and sources of support. That organization would Mr. Margaglione explained the progress of the Development appear to be a good model for THA to consider for the Committee and assistance provided by Carter Consulting future growth and operations. Group (CCG). He provided a handout with estimate campaign costs, including those related to necessary registrations Mr. Auten advised directors of his plan for the December with state governments to conduct public solicitations. On newsletter and asked for any contributions by Thanksgiving the basis of this presentation, Mr. O’Malley submitted a Day. motion that THA continue the engagement of CCG for the next six months, through June 2019. The motion was passed Mr. Young advised that the 2019 speakers schedule should by unanimous vote. be available soon and that the Lecture Committee is evalua- ting the arrangements for post-lecture refreshments. Mr. Noll announced the next noontime lecture in the Cash Room is scheduled for December 18 and is a lecture on Mr. Munsch reported that the recently-acquired Andrew Albert Gallatin. Johnson portrait was now being restored and will be placed in its frame, and is expected to be completed by December. Addendum of December 18, 2018: Mr. O’Malley present- Also, he advised that the West wing staircase restoration, ed a motion to add recently-retired Treasury Curator Richard which THA had contributed towards, is in its last phase of Cote to THA’s Board of Directors. The motion was passed completion, but is somewhat delayed. by unanimous vote.

Board of Directors Meetings, 2019

February 13, 2019 April 24, 2019

Present were Ms. Gilbert and Messrs. Auten, Margaglione, Attending the meeting were Ms. Gilbert and Messrs. Auten, O’Malley, Sigalos and Wishneski. Also attending by tele- Noll, O’Malley and Young. On the phone were Ms Fosdick phone were Mss. Fosdick and Santamorena, with Messrs. and Messrs. Caires, Margagione, Monroe, and Young. Caires, Mehta, Monroe and Noll. Treasury Curator Guy Munsch and Julie Carter of Carter Consulting Group also Mr. Margaglione briefed the Board on a recent meeting of attended as guests of THA. the THA Campaign Counselors and the accomplishments from the meeting and reported that the seven Counselors Mr. Margaglione briefed the Board on the Development were enthusiastic and positive about THA’s fundraising Committee’s planning activities for the campaign for later in efforts. He also announced that a THA Gift Acceptance the year, noting that they have started the soft phase. An Policy is in draft form. THA’s Campaign Counselors are: April meeting is set for seven Counselors who will provide guidance as well as assistance. THA’s plans were shared - Former U.S. Comptroller General Charles A. Bowsher with a number of former Treasury senior officials for their - former Assistant Secretary for Administration and input on the approach and projects. The discussions extend- current THA Board member Cora Beebe Fosdick ed to the potential to develop a commemorative coin or - Retired International Tax Counselor and Deputy Assist- challenge coin to be issued as a potential for fundraising. ant Secretary for International Affairs Joseph Guttentag - Retired Senior Advisor to the Comptroller of the Cur- Mr. Caires briefed the Board on plans for the 1500 Penn rency and former THA Board member Laura McAuliffe Prize academic paper competition. For the initial compe- - Former CFO/Comptroller of the Treasury and former tition, THA had established a selection panel of Messrs. CFO of the Labor Department Samual Mok Caires and Noll as well as a professor of history at Sacred - Former Deputy General Counsel D. Edward Wilson, Jr. Heart University in Connecticut. - Former United States Treasurer Mary Ellen Withrow.

Mr. Auten suggested that copies of THA’s 990 nonprofit Mr. O’Malley, who had been coordinating with Board mem- organization report that is submitted to the Internal Revenue bers on a revised set of THA By-Laws, obtained concur- Service be provided to all members of the Board. (Distribu- rence at the meeting that the revision would not explicitly tion was made shortly after the meeting.) state the membership categories or dues structure, but that these would be documented in minutes of Board meetings. * Mr. O’Malley announced that the new database manager who had replaced THA’s long-serving individual in 2018 Mr. Caires reported that the second 1500 Penn Prize compe- has announced that she must withdraw. Fortunately, THA’s tetion will be announced soon, with the target of early 2020 earlier long-serving database manager’s situation has for timing of the winner’s presentation at a THA lecture. changed and will be returning to support THA as a husband- wife team to manage posting of THA membership and donor Mr. Margaglione offered a motion to establish a brokerage records, as well as conduct renewal solicitations. account to permit the Development Committee to accept donations of stock shares. He agreed to provide an informa- Addendum of February 20, 2019: Mr. O’Malley presented tive paper to the Board as a motion for voting. an email motion one week later, seeking Board approval of a six-month 2019 budget for THA’s operations. The motion * Addendum immediately after meeting: Mr. O’Malley passed by unanimous vote of all responding Directors. suggested adding to these meeting minutes, in order to establish, for the record, the membership categories and dues, as follows: General (1 year), $20; General (3 years), $50; Supporting (1 year), $60; Patron (1 year), $120); Life Donor (1 payment of $1,500 or 3 payments of $500 each in one year).

Addendum of May 1, 2019: Mr. O’Malley called for votes by May 9, 2019 to approve the revision of the THA By- Laws. The Board unanimously approved a revision of the

By-Laws to be effective on July 1, 2019. In February 2019, David Singerman, Ph.D. received THA’s first 1500 Penn Prize for his academic research paper from THA’s 1st Vice President Franklin Noll, Ph.D.

June 12, 2019

In attendance at this meeting were Ms. Gilbert and Messrs. Auten, Noll, O’Malley and Wishneski. Ms. Santamorena Mr. Margaglione provided updated information on the and Messrs. Grippo, Margaglione, Mehta, Monroe, Sigalos operation of the Development Campaign and addressed and Young joined by telephone. the projected budget needs for the next six months, with recognition of the need for the committee to generate Mr. O’Malley announced that THA’s application for the donations in the next 90 – 120 days. Combined Federal Campaign was denied since it is now limited to healthcare and social services nonprofits. Mr. Noll also addressed the budget needs for the Lecture Committee for forthcoming noontime talks in the Cash Ms. Gilbert announced that Dorothy Roper Daly’s oral Room. history has been completed and is now posted on THA’s website. A budget discussion followed, with approval by unanimous vote to authorize the requested budget projections for antici- Mr. Margaglione briefed the Board on the importance of pated expenditures through December 31, 2019. having a brokerage account to accept stock donations. Mr. O’Malley presented a motion to establish such an account, *Addendum of June 18, 2019: Mr. Wishneski presented a with the selection of the specific firm to be the topic of a motion to add one more organization membership category: later motion. The Board approved by unanimous vote. - Foundations at the $5,000 dues level. The motion was approved by majority vote. Mr. Wishneski reported on a previously-furnished briefing paper from the Membership Committee and presented a Addendum of July 27, 2019: Mr. Margaglione had pre- motion to add two new membership categories – a Student sented to the Board a report on the several brokerage firms membership at half-price the regular General membership he had surveyed for consideration to serve as THA’s broker. dues, i.e. $10 per year for a limited period of four years at On the basis of various information that he provided to the this rate. The motion was approved by majority vote. Board, Mr. Margaglione recommended engaging the firm of William Blair & Co. Mr. O’Malley, on behalf of the Devel- He then presented a motion to add a highest level of mem- opment Committee, offered a motion for Board vote to con- bership above the current Life Donor level (which has a one- tract with this firm. The motion was approved by majority time dues payment of $1,500); the new level will be Eagle vote. Society at a one-time dues payment of $5,000. The motion was approved by unanimous vote. Addendum of July 31, 2019: Mr. O’Malley presented a motion to the Board to clarify the recently-approved revision Mr. Wishneski presented another motion to establish busi- of the By-Laws in order to conform to terminology used in ness or organizational membership categories as follows: the certified public accounting profession. Specifically, - Nonprofit and not-for-profit organizations with dues of Article G, Section 8 titled “Audit” was changed to “Certified $120 per year; Public Accountant Review,’ with further text changes within - Small (under 100 employees) for-profit organizations this section. One director recommended different text than with dues of $500 or more per year; that proposed in the motion. Therefore, Directors were - Large (100 or more employees) for-profit organizations asked to vote for their preferred version of text. One text with dues of $3,000 or more per year. was approved by majority vote. Amendment 1 was issued This motion was approved by unanimous vote. * on August 15, 2019 to accommodate this change.

<<< The year 2019 marked the 150th anniversary of the completion of the North wing of the Treasury Building, at right in painting, endingg the 33-year period of the building’s construction. The year also marked the 100th anniversary of the completion of Treasury Annex Building, at left in painting, previously named Treasury Annex No. 1 and now renamed the Freedman’s Bank Building.

(Painting by local watercolor artist Ken Frye, commissioned by the Treasury Historical Association, original painting was donated to the Treasury Department by THA.)

August 14, 2019 October 16, 2019

Attending this Board meeting were Ms. Gilbert and Messrs. Present were Messrs. Auten and O’Malley, with Ms. Auten, Noll, O’Malley and Young, with Ms. Santamorena Santamorena and Messrs. Caires, Margaglione, Monroe, and Mr. Sigalos joining by telephone. Noll and Sigalos joining by telephone.

On behalf of the Development Committee, Mr. O’Malley Mr. Margaglione briefed the Board on the Development briefed the Board on the status of its activities, with focus on Committee’s reception event at an exclusive professional the planned September 17 social reception for special invited club near the Treasury Building on September 17. As a post- guests. He also advised of the work being done on the THA script of this event, Mr. O’Malley arranged for special tours Gift Acceptance Policy document. of the Treasury Building on October 16 for those event attendees who were interested. Additionally, he also updated the Board on the progress to submit THA’s a revision to the annual 990 report to the Mr. Margaglione also reviewed the Campaign Counselors’ Internal Revenue Service and advised that he has applied for meeting that was held in September and introduced the and received approval of an extension to THA’s DC sales giving pyramid that will apply to the forthcoming Phase II tax exemption certificate. He also apprised the Board that a “Campaign for Alexander Hamilton’s Treasury.” He also request for renewal of THA’s business license has been reported on the action completed to open an account with a submitted to the Government of the District of Columbia. brokerage firm to accept and liquidate any stock shares donated during the campaign. Another point he raised was Mr. O’Malley raised a motion to engage a Certified Public that THA was able to obtain pro bono support from a law Accounting firm to take over from the previous service firm to review the legal aspects of the fundraising campaign provider the annual review of THA’s financial records, the and the possibility of having assistance from other non- preparation of an appropriate report to the officers of THA member individuals. and the preparation of future 990 reports to the Internal Mr. Monroe provided the Board with a current financial Revenue Service. After having surveyed and discussed the report of THA’s accounts, including soon-to-be-transferred need with three local CPA firms, he recommended Burdette, balances from THA’s PayPal account that customers pay Bish & Smith of Fairfax, VA. The motion was approved. into for online purchases, donations and dues.

Mr. O’Malley also briefed the Board on the forthcoming The Nominating Committee had surveyed the current Centennial Celebration Conference of the Association of members of the Board, asking for their intention to remain Former Special Agents of IRS to be held between September on the Board – or not – so that the Committee could proceed 18 and 21, with one event in the Treasury Cash Room. He with any necessary recruitment activities well in advance of had been assisting this group over the past year or so, as they the timeframe for election materials to be distributed to all planned for this significant anniversary event. THA members.

Finally, he relayed that THA’s President had appointed Ms. Mr. Noll announced that the next noontime lecture will be a Fosdick to serve as Nominating Committee Chair for the talk by former Treasurer of the United States Angela Marie forthcoming election of Board members for 2020-2021. (Bay) Buchanan, scheduled for November 13.

Meet the Officers for 2020 – 2021

The THA Board leadership consists of a Chairman, a President, a First Vice President, a Second Vice President, a Treasurer and a Secretary. These officers serve two-year terms, but the President and two Vice Presidents cannot serve more than two consecutive terms in the same office, but may return to the same post after a two-year absence.

Chairman, Second Vice President, Thomas P. O’Malley Cora P. Beebe Fosdick Tom has served on THA’s Board of Cora served in two senior Directors for 34 years, having served Treasury management positions, as Secretary, Vice President and as Assistant Secretary for Admini- President, and has been the Board stration and as Assistant Director Chairman for 24 years. A second- for Administration at the Office of generation Treasury employee, Tom Thrift Supervision. Her Federal worked for the Department for 25 career included service at the years, starting as a college intern. Departments of Health, Education His last two positions at Treasury & Welfare, Education and Com- were as Director, Office of merce and the Office of Manage- Procurement and Director of the ment and Budget in the Executive Office of the President. Management Programs Directorate. She has been on THA’s Board since 2006.

President, Treasurer, Franklin Noll, Ph.D. David J. Monroe Frank is a former college history Dave has served on THA’s Board professor and manages his firm, Noll of Directors for over 27 years, for Historical Consulting, LLC, which four years as THA’s President, with for over 20 years provided expert the remainder as THA’s Treasurer. historical archival and research Now retired, his last Treasury assistance to clients, including position was as Director of Fiscal academia, the communications Projections in the Office of the industry and publishers. His firm Fiscal Assistant Secretary. Prior to has supported the Bureau of Engrav- joining the Department’s staff, ing and Printing for many years, Dave served in Treasury’s Financial managing their history program and Management Service (now the Bureau of Fiscal Service). cataloging and maintaining millions of banknotes, stamps, securities and other items in their collection. Frank has Secretary, served on THA’s Board of Directors for ten years. Lori Santamorena

Lori is the Executive Director of Treasury’s Government First Vice President, Securities Regulations staff at the Bureau of Fiscal Service. Deval Mehta, PMP, CISSP Previously, she served as director of compliance at the Deval was a participant in the Canadian Imperial Bank of Commerce, during which time Presidential Management Fellow she held leadership positions on numerous financial industry Program, with assignments at trade association committees. Earlier, she was a special Treasury and NASA. He served as investigator for the Financial Industry Regulatory Authority an IT Project Manager in the Office in New York City and was involved in several high profile of the Chief Information Officer, investigations. She is past President of Executive Women in Office of the Assistant Secretary of Government. Her earlier Federal service was in the Peace the Treasury for Management. Pre- Corps in the Philippines. She has served on THA’s Board as viously, he spent 13 years providing Secretary for the past 12 years. a variety of specialized IT support to commercial sector clients. He now serves as Senior Lead Technologist at Booz Allen Hamilton. Deval has been on THA’s Board of Directors for six years.